US-Israel-Iran War Latest Live News: Brent crude oil touched $110 a barrel on Friday for the first time since May, driven by compounding global supply fears. Brent futures settled 3.7% higher at $109.86, while US West Texas Intermediate (WTI) surged 3.5% to close at $101.41. The spike marks a multi-month high for both benchmarks as geopolitical risks in the Middle East escalate and Russian refined product exports face severe disruptions.
US-Israel-Iran War Latest Live News: Catalysts Behind Price Surge
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Middle East Escalation & Infrastructure Threats: Oil markets reversed earlier losses following unverified intelligence reports suggesting Iran might be planning a pre-emptive strike. Simultaneously, a Saudi-led coalition intercepted a ballistic missile targeting the Red Sea port city of Yanbu—a critical export hub designed to bypass the highly vulnerable Strait of Hormuz. Continuous drone and missile strikes from Iran-backed Houthi rebels into Saudi Arabia have further heightened structural risks.
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Strait of Hormuz Bottlenecks: Commercial flows through the Strait of Hormuz have dropped sharply over the last 10 days due to intensified Iranian naval attacks. Shipping experts warn that a recovery in these maritime corridors will likely be slow and uneven without a formal diplomatic breakthrough.
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Russian Supply Chokepoints: Russia’s Ryazan refinery suspended a major crude distillation unit after a successful drone strike. Compounding this, political gridlock continues to stall international diesel releases, intensifying global deficits for critical refined products.
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